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An Overview of Germany-Based Private Equity Fund Managers – June 2016

by Kathryn Sharpe

  • 20 Jun 2016
  • PE
  • VC

Preqin’s Private Equity Online contains detailed information on 309 private equity fund managers based in Germany. Collectively, these managers have raised an aggregate €28.9bn over the past 10 years and have an estimated €10.4bn available in dry powder. In contrast with the UK and France, where there are high concentrations of private equity firms based in their respective capital cities, Germany-based fund managers are more evenly spread out. Munich leads the way as home to 81 firms, followed by Berlin (42), Hamburg (37) and Frankfurt (29).

Private equity fund of funds is the most utilized investment strategy among Germany-based fund managers; 81 vehicles have reached a final close since 2006, securing an aggregate €5.7bn. While Munich Private Equity Partners has raised the highest number (18) of funds of funds, Allianz Capital Partners has secured the most capital (€1.1bn), despite not raising a fund since 2012.

Seventy-one venture capital funds have held a final close since 2006 for a total of €4.9bn. Securing €637mn over the past 10 years, Munich-based HV Holtzbrinck Ventures Adviser GmbH has raised the most venture capital in the last decade, closing its most recent vehicle Holtzbrinck Ventures VI in January 2015 on €285mn. The fund focuses on making early-, mid- and late-stage investments in Europe across the telecoms, media and communications industries.

Despite the prevalence of funds of funds and venture capital in the German market, buyout vehicles have secured the most capital (€10.8bn) from just 48 funds reaching a final close in the past 10 years. The largest buyout fund was Deutsche Beteiligungs AG VI, which secured €700mn in August 2012 to invest in majority stakes in high-potential, well-positioned industrial and industrial services companies in German-speaking countries.

Three quarters of Germany-based fund managers invest solely in Europe-based portfolio companies. Of these, the majority are primarily focused on Western Europe, with a particular focus on the DACH region. Five Germany-based private equity funds have closed since the beginning of 2016, securing an aggregate €0.9bn; however, fundraising by Germany-based fund managers has been declining since 2013 when 20 vehicles secured €3.3bn in institutional capital commitments.

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